".. the G7 is meeting to evaluate the global economic situation and express its concern to Opec over the impact of the rise in the price of oil," Gordon Brown, Nicolas Sarkozy and Hans Eichel wrote in a French-language version of the article to be published by Les Echos newspaper in France.

The ministers made no other reference to the price of oil, which earlier this week hit 21-year highs on the New York Mercantile Exchange of almost $42 a barrel.

Opec's president said earlier on Thursday that oil producers were committed to supplying more crude to world markets but the increase in prices was due to factors beyond the group's control.

The three ministers, who will attend the G7 meeting in New York at the weekend, said European Union member states must send strong signals on the need for budget discipline but underlined the need for policies that promote strong and lasting growth.

They said the EU's Growth and Stability Pact had played a key role by helping strengthen the credibility of the commitment of European governments to budget discipline.

'Europe must make sure that the framework of its economic policies allows the generation of strong and lasting growth," they added in the article, which is also due to appear in the Financial Times and Germany's Handelsblatt.

The ministers pledged to coordinate efforts to free their economies from excessive regulation, saying superfluous regulations were partly responsible for weak growth in Europe.

"We will work together towards the aim that every new proposed rule will first go through a cost-benefit analysis and an examination of its impact on competitiveness." they said.

AFP from London reports: Oil prices retreated Friday as Opec ministers, facing pressure from consumers to pump more crude to thirsty world markets, headed to Amsterdam to discuss an output hike in response to record high prices.

The price of benchmark Brent North Sea crude oil for July delivery fell by 18 cents to 37.08 dollars per barrel in early London trading.

New York's benchmark light sweet crude for June delivery fell 75 cents to 40.75 dollars per barrel on Thursday, 80 cents shy of the record closing high point set earlier in the week.

Organization of Petroleum Exporting Countries ministers plan to meet informally Saturday in Amsterdam on the sidelines of the International Energy Forum to ponder raising production quotas to help to lower prices.